The year’s High remains intact after the pullback that began on Thursday, continued on a quiet old Friday. A modest range of 60 pips saw EUR/USD close the week a mere 23 pips higher than when it began.
Price Action appears likely to consolidate within our Daily Critical Zones of 1.3700 and 1.3815 whilst the market contemplates its next move. Daily Pivot has crossed over Weekly to the South, upsetting the Bullish formation and creating uncertainty in directional terms. A break of our Support Trendline #1 would suggest there’s more pullback to come but whilst PA remains above it, I believe the target North is too big to ignore.
The Day Ahead
|9:00am||EUR||French Flash Manufacturing PMI|
|9:30am||EUR||German Flash Manufacturing PMI|
|3:00pm||EUR||ECB President Draghi Speaks|
Magic Monday everyone